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Best online brokers in Canada in 2023 - Trade with the top international brokers

Interactive Brokers Logo
1st place
Interactive Brokers
XTB Logo
2nd place
XTB
Visit broker
76% of retail CFD accounts lose money
Oanda Logo
3rd place
Oanda
Visit broker
78.3% of retail CFD accounts lose money
To help you find the best online brokers in Canada in 2022, we selected 101 quality online brokers, checked and compared basically every aspect of their services, with a special focus on fees, safety, trading platforms, as well as deposit and withdrawal options. Service providers had to prove their excellence in multiple areas to be considered among the best online brokers. Now let's jump straight to the results.

Top 5 picks for best online brokers in Canada in 2023:

  1. Interactive Brokers is the winner, the best online broker in Canada in 2023. Low trading fees. Wide range of products. Many great research tools.
  2. XTB takes second place. Low forex CFD fees, commission-free real stocks and ETFs for some clients. Free and fast deposit and withdrawal. Easy and swift account opening.
  3. Oanda comes third. Low forex fees. Great trading platforms. Outstanding research tools.
  4. Questrade ranks fourth. Low forex fees. Great web and mobile platforms. Advanced research and educational tools.
  5. MEXEM just made it to the list, taking the number five spot. Low stock and ETF fees. Solid research tools. Superb customer service.

Best online brokers
Summary of online trading in Canada

Summary of online trading in Canada
Top regulated online brokers in Canada in 2022Interactive Brokers, XTB, Oanda, CMC Markets, Questrade
What is the minimum deposit on average needed to start trading in Canada?There is no set minimum deposit but pro traders recommend starting with at least $100.
Is profit from online trading taxable in Canada?In Canada, 50% of the value of any capital gains is taxable. Capital losses can only be claimed against capital gains to lower the taxable amount.
What is the best time to trade during market hours?Pro traders suggest the following best times to execute trades: 09:00 - 11:00 am and 15:00 - 16:00 pm

Best online brokers
Top online trading platforms in Canada in 2022

While many international online brokers catering to Canadian investors offer an excellent service, the ones in our toplist go the extra mile.

Best online brokers in Canada in 2023
Broker Info Good for beginners Fee score Minimum deposit
#1 Interactive Brokers International broker providing all asset classes No Low $0 Visit broker
#2 XTB Global CFD broker No Low $0 Visit broker
76% of retail CFD accounts lose money
#3 Oanda US forex broker No Low $0 Visit broker
78.3% of retail CFD accounts lose money
#4 Questrade Canadian stockbroker Yes Average $1,000 Visit broker
#5 MEXEM Global stockbroker No Low $0 Visit broker

Best online brokers
Trading fees at the top online brokers in Canada

How much you pay in fees for a given trade is a key broker selection criteria. We calculated a benchmark fee that includes all spreads, commissions and financing rates for opening a position, holding it for a week, and closing. Check out the following table to see how the top 5 brokers stack up against each other in terms of trading fees.

Trading fees at the top online brokers in Canada in 2023
Broker US stock UK stock EURUSD benchmark fee US stock index options fee Mutual fund fee S&P 500 index CFD fee
#1 Interactive Brokers $1.0 $3.4 $14.7 $6.5 29.9 $3.3 Visit broker
#2 XTB $0.0 $0.0 $15.2 - - $4.0 Visit broker
76% of retail CFD accounts lose money
#3 Oanda - - $15.4 - - $2.3 Visit broker
78.3% of retail CFD accounts lose money
#4 Questrade $5.0 - $17.2 $20.0 19.9 $3.1 Visit broker
#5 MEXEM $2.5 $2.8 $20.7 $2.0 9.9 - Visit broker

Best online brokers
Product selection at the top online brokers in Canada

Even though the brokerages in our toplist grant access to a wide range of products, there are differences in their product portfolios. See what you can trade at the best online brokers in Canada.

Product selection at the top online brokers in Canada in 2023
Interactive Brokers XTB Oanda Questrade MEXEM
Stocks Yes Yes No Yes Yes
ETFs Yes Yes No Yes Yes
Forex Yes Yes Yes Yes Yes
Funds Yes No No Yes Yes
Bonds Yes No No Yes Yes
Options Yes No No Yes Yes
Futures Yes No No No Yes
CFDs Yes Yes Yes Yes No
Crypto Yes Yes Yes No No

Best online brokers
Online trading in Canada

Canada, which has the world's 9th largest economy according to the World Bank, has two major stock exchanges: the TMX Group Limited and the Toronto Stock Exchange (TSX). The two provide the main market for senior equity securities in Canada. The TSX has more than 1,500 companies listed with a combined market capitalization of over $3 trillion, making it the eighth largest stock exchange by market capitalization globally.

Due to the country's proximity to the US, Canadian investors have easy access to the main US financial markets, including trading on the NASDAQ and the NYSE.

The Canadian dollar is the fifth most-held reserve currency in the world after the US dollar (USD), the euro (EUR), British pound sterling (GBP) and the Japanese yen (JPY).

Financial markets and service providers (such as online brokers) active in Canada are regulated by the Canadian Securities Administrators (CSA). The CSA comprises the country's provincial and territorial securities regulators in charge of overseeing Canadian capital markets. Its main objectives are: investor protection; fair, transparent, and efficient markets; and reducing systemic risk.

Canadian investors are entitled to investor protection under the scheme operated by the Canadian Investor Protection Fund (CIPF) provided they trade with an investment service provider that is a member of IIROC (Investment Industry Regulatory Organization of Canada). The CIPF investor protection amount is CAD 1 million.

Best online brokers
How to choose the best online brokers in Canada

A great selection of products and low trading fees are the most important selection criteria beyond the safety profile of the broker. Our experts also put great emphasis on the overall service quality, the account opening experience and deposit/withdrawal options and fees.

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And now, let's see the best online brokers for Canadian investors one by one, starting with the winner, Interactive Brokers.

Interactive Brokers Logo

#1 Best online broker
Interactive Brokers

Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1977. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

Canadian investors trade with Interactive Brokers Canada Inc., a member of the Investment Industry Regulatory Organization of Canada (IIROC), and are entitled to CAD 1 million in investor protection.

IB is recommended for traders looking for broad market access and a professional trading environment.

In terms of fees, the broker charges low trading fees, with an average commission of CAD 0.01/share for stocks and ETFs. Non-trading fees are also low, in many cases withdrawal is free of charge and the inactivity fee has been scrapped.

Interactive Brokers snapshot
Minimum deposit$0
Trading platformsWebTrader, Mobile App, Desktop platform
Mobile app score 3.5 stars
Inactivity feeNot charged
Number of stocks available87,000
Number of currency pairs available105
Number of ETFs available13,000
Deposit methodsBank transfer
Withdrawal fee$0
Read reviewFor a detailed analysis of Interactive Brokers services, check out our review for 2023

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XTB Logo

#2 Best online broker
XTB

XTB is a global CFD broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA). In addition, XTB is listed on the Warsaw Stock Exchange and as such is required to regularly disclose its financials.

Canadian investors are accepted only by the French branch of XTB Group: XTB FR. XTB provides negative balance protection.

XTB snapshot
Minimum deposit$0
Trading platformsWebTrader, Mobile App, Desktop platform
Mobile app score 4.4 stars
Inactivity fee€10 per month after one year of inactivity.
Number of stocks available3,000
Number of currency pairs available56
Number of ETFs available270
Deposit methodsBank transfer, credit/debit card, electronic wallets
Withdrawal fee$0
Read reviewFor a detailed analysis of XTB services, check out our review for 2023

Visit broker
76% of retail CFD accounts lose money

Oanda Logo

#3 Best online broker
Oanda

Oanda, a US-based forex broker founded in 1996, operates several entities worldwide that are regulated by top-tier authorities, such as the US Commodity Trading Futures Commission, the National Futures Association (CFTC) and the UK's Financial Conduct Authority (FCA).

Canadian investors trade with OANDA (Canada) Corporation, which is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and as such provides investor protection in the amount of CAD 1 million.

Oanda snapshot
Minimum deposit$0
Trading platformsWebTrader, Mobile App, Desktop platform
Mobile app score 5.0 stars
Inactivity fee$14 per month after one year of inactivity.
Number of stocks available-
Number of currency pairs available70
Number of ETFs available-
Deposit methodsBank transfer, credit/debit card, electronic wallets
Withdrawal fee$0
Read reviewFor a detailed analysis of Oanda services, check out our review for 2023

Visit broker
78.3% of retail CFD accounts lose money

Questrade Logo

#4 Best online broker
Questrade

Questrade, founded in 1999, is one of the most popular brokerage firms in Canada. It is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investor Protection Fund (CIPF). We assigned the broker a high safety ranking because it has a long track record and is regulated by a top-tier regulator.

MEXEM snapshot
Minimum deposit$0
Trading platformsWebTrader, Mobile App, Desktop platform
Mobile app score 3.5 stars
Inactivity feeNot charged
Number of stocks available87,000
Number of currency pairs available105
Number of ETFs available13,000
Deposit methodsElectronic fund transfer, electronic wallets, cheques, Visa debit card
Withdrawal fee$0
Read reviewFor a detailed analysis of MEXEM services, check out our review for 2023

Visit broker

MEXEM Logo

#5 Best online broker
MEXEM

Best online brokers
FAQ

How to buy stocks in Canada?

If you want to become a stock investor, you will need to open a brokerage account at an online broker. Once you have your account up and running, deposit funds into your account, select the stocks you want to buy, and place a buy order. Read our article on how to buy stocks as a beginner for more detailed information.

What are the best online brokers for beginners in Canada?

All the brokers featured in this article are suitable for beginner investors. If you want to trade forex, check out our ranking of the best forex brokers in Canada for beginners.

How can I buy stocks without a broker in Canada?

You can buy stocks in Canada without using the services of a broker through a direct stock plan, which allows investors to buy shares from the issuing company. Note, however, that such plans have become more scarce in recent years. Apart from this, you will need an online brokerage to be able to invest in stocks.

Author of this article

Krisztián Gátonyi

Author of this article

Krisztián has 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. He received his MSc degree in International Business from the University of Middlesex. He is interested also in real estate and dividend growth investing. His purpose is to help people find the best investment provider.

Krisztián Gátonyi

Senior Broker Expert

Krisztián has 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. He received his MSc degree in International Business from the University of Middlesex. He is interested also in real estate and dividend growth investing. His purpose is to help people find the best investment provider.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Visit XTB
76% of retail CFD accounts lose money
Visit Oanda
78.3% of retail CFD accounts lose money

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